Regulatory Response – Panama Papers

Further to the release of information in the media concerning clients’ data relating to the law firm of Mossack Fonseca, the [Central Bank of The Bahamas](http://www.centralbankbahamas.com) – regulator for banking and trust operations in The Bahamas – is asking its licensees to confirm if their institutions maintain a relationship with Mossack Fonseca or any clients or parties connected to the firm. Licensees have been asked to notify the Regulator immediately should there be existing relationship(s) in this regard that poses a material concern.

The notice to licencees adds that this information should be *”viewed in the context of information gathering and surveillance on an emerging issue that could potentially pose any reputational concerns.”*

[Earlier this month](http://www.bfsb-bahamas.com/news.php?cmd=view&id=3513&pre=y), the Hon. C.V. Hope Strachan, M.P., Minister of Financial Services, described the leak of documents from the law firm in Panama as *”disconcerting”*. She said, *”This leak challenges the work and validity of international financial centres. We are following the development of this investigation closely.”*